A Grand Time for a Grand Opening: Starting a Business in Retirement
The golden years can be golden for more than one reason. While some want to enjoy a relaxing, more leisurely retirement, the mere idea of doing nothing drives others crazy. Taking advantage of the extra free time to tackle something new is not a bad idea!
Which begs the question: Have you considered starting your own business? It takes a great deal of dedication and efforts, but the pay-off is well worth it in the end. Who wouldn’t want to turn their passion or skills into a new adventure and income stream?
Starting a business for retirement (or even after) may be the perfect fit for you if:
-You want to be your own boss
-You want to do what you love or help others
-You want to learn something entirely new
-You want to keep the work life routine you had, but on your own terms
On a plus, odds are in your favor for becoming successful! Most entrepreneurs are age 55 or older.
Take The Leap
What holds a lot of people back in starting a business, especially during retirement, is the fear of failure. Remember, most entrepreneurs are 55+, which allows years of being in the work force are to your advantage. Once you make the leap, beginning and maintaining is all that you have left to do. The daily work and effort are what will make the difference. Dedication is key!
Homework Doesn’t Stop After School
Brush up on your study tactics, you’re going back to school. Beginning and running your own business with some research. Depending on what type of business you would like to run, specific laws, regulations, market strategies, and other related items/areas need to be investigated—especially for a business plan.
Begin with the Small Business Association for data on your market and audience. Investigate in your local market because that is where you will start hardest (this is applicable for online community, too). Explore trade and expo organizations in your area and Facebook communities.
It may help to shadow someone in the same field or find a mentor. At the end, it is best to find someone who will not be your direct competition.
Do Not Forget Your Retirement
While you are throwing all you have at the new business do not forget to tend to your retirement. A startup may be risky, but it is best to not spend all your retirement funds on this business, so you can still live comfortably. Plus, it oftentimes takes years for a business to see regular profit.
Separate your business money from your retirement money. As you do this, keep putting whatever you can towards retirement. Seek out help from a financial advisor and banker for your business and retirement needs.